Shell Takes Reins Of Nexus' Offshore Project

Law360, New York (January 19, 2012, 1:31 PM EST) -- Australian oil and gas company Nexus Energy Ltd. has scrapped plans to go it alone on a big offshore project in Australia in favor of a joint venture that cedes control to Royal Dutch Shell PLC, Nexus announced Thursday.

Nexus reached a nonbinding agreement with Shell and Osaka Gas Co. Ltd. to develop the Crux oil and gas field, scuttling initial plans to develop and operate the natural gas wells itself before handing the reins over to Shell in 2021.

“We are pleased with this agreement...
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